Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.
Axco’s US Virgin Islands Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.
The Life & Benefits Report for the US Virgin Islands includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics
Real GDP growth (%)
latest GWP (USD)
Insurance Penetration (%)
The US Virgin Islands are an unincorporated territory of the United States of America. Policy relations between the Virgin Islands and the US fall under the jurisdiction of the Office of Insular Affairs, US Department of the Interior. All citizens of the islands are regarded as US citizens, but cannot vote in presidential elections, and US federal legislation applies unless overruled or amended by local laws.
In 2018, total non-life premiums including PA were USD 159.63mn, an 18.35% increase on 2017. Since 2015, Lloyd's figures have been included. The major non-life classes of business are property, motor and general liability.
The non-life market is dominated by foreign insurers, with the activities of domestic insurers mainly confined to motor insurance. In 2020 Lloyd's gave up its licences in the US Virgin Islands in order to focus on US surplus lines and reinsurance business.